Defibrillator Market to Reach US$ 15.5 Billion by 2027 Globally |CAGR: 5.3%| UnivDatos Market Insights
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NOIDA, India, Feb. 10, 2021 /PRNewswire/ -- A comprehensive overview of the defibrillator market is recently added by UnivDatos Market Insights to its humongous database. The defibrillator market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the defibrillator market. The defibrillator market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the defibrillator market at the global and regional levels. The Global Defibrillator Market is expected to grow at a CAGR of 5.3% from 2021-2027 to reach US$ 15.5 billion by 2027.
The proliferating prevalence of cardiovascular disease and the incidence of sudden cardiac arrest across the globe is generating the demand for defibrillators. As per WHO, cardiovascular problems are the leading cause of death, and around 17.9 million deaths happen due to CVDs every year, globally. Also, it was found that sudden cardiac death (SCD) accounts for up to 20% of deaths in Western societies. Moreover, a rise in the geriatric population worldwide is leading to a demand for Defibrillators. As per the United Nations, there were 703 million persons aged 65 years or over in the world in 2019 and the number of older persons is projected to double to 1.5 billion in 2050.
Moreover, the government across countries such as the U.S, UK, Japan, etc have mandated the deployment of defibrillators at public places such as parks, schools, etc., due to which the market is witnessing an uptick. As per a study, approximately 80% of put of Hospital Cardiac Arrests occur at home; 20% will occur in public places in the United Kingdom. Furthermore, 270 children die in the UK every year after suffering a Sudden Cardiac Arrest at school, and For every minute that goes by where a victim of Sudden Cardiac Arrest does not receive treatment, their chances of survival decrease by 10%. Therefore, with a surging awareness among end-users, the demand for defibrillators is on the rise.
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The Covid-19 pandemic has intensified the need for defibrillator devices. Heart failures are among the most common reasons for the death of critical COVID-19 patients across the globe. As per NCBI, mortality rates have been observed in about 10.5% cases in COVID patients with cardiovascular disease, and a mortality rate of 52% was recorded in patients with heart failure, while 12% recovered ultimately. The demand for defibrillators witnessed a sharp rise due to the pandemic. Therefore, ZOLL Medical Corporation announced a plan to build 10,000 ventilators/Month in Response to COVID-19 Pandemic. Moreover, In a survey from 84 Italian arrhythmia centers it was found that during COVID, 92.9% of participating centers reported a significant reduction in the number of implantable cardioverter-defibrillator (ICD) implantations for primary prevention, and 72.6% a significant reduction of ICD implantations for secondary prevention.
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Global Defibrillator Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily bifurcated into
- Implantable Cardioverter Defibrillators
- External Defibrillators
The implantable cardioverter defibrillators segment dominated the by product type segment of the defibrillator market in 2019 and will grow at 3.3% CAGR to reach US$ 9.0 billion by the year 2027.
By Implantable Cardioverter Defibrillators, the market is primarily segmented into
- Subcutaneous Implantable Cardioverter Defibrillators
- Transvenous Implantable Cardioverter Defibrillators
Amongst implantable cardioverter defibrillators, transvenous implantable cardioverter defibrillators accounted for the largest share and is expected to grow at 3.5% CAGR during the forecast period 2021-2027. In 2019, the transvenous implantable cardioverter defibrillators segment accounted for a revenue share of almost 83.8%.
By External Defibrillators, the market is primarily segmented into
- Manual & Semi-Automated External Defibrillators
- Fully Automated External Defibrillators
- Wearable Cardioverter Defibrillators
Amongst external defibrillators, fully automated external defibrillators accounted for the largest share and is expected to grow at 8.6% CAGR during the forecast period 2021-2027. In 2019, the fully automated external defibrillators segment accounted for a revenue share of almost 45.9%.
By End-Users, the market is primarily segmented into
- Hospitals, Clinics, & Cardiac Centres
- Pre-Hospital Care Settings
- Public access market
- Alternate care market
- Home care settings
In 2019, the hospitals, clinics, & cardiac Centers segment dominated the global defibrillator market with nearly 88% of the market share and it is anticipated by 2027, the segment will garner US$ 13.8 billion of the market.
Defibrillator Market Geographical Segmentation Includes:
- North America
- Rest of the World
Based on the estimation, the North America region dominated the defibrillator market with almost US$ 3.8 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 6.6% over the forecast period owing to the surging prevalence of CVDs among elderly populations and incidences of sudden cardiac arrest.
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The major players targeting the market includes
- Koninklijke Philips N.V.
- Nihon Kohden Corporation
- Progetti SRL
- Schiller AG
- ST. Jude Medical (Acquired By Abbott Laboratories)
- Zoll Medical Corporation (A Part of Asahi Kasei Corporation)
- Cardiac Science
- Boston Scientific Corporation
- Physio-Control (Part of Stryker Corporation)
The degree of competition among prominent global companies has been elaborated by analysing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the defibrillator market. The leading players have been analysed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the defibrillator market?
- Which factors are influencing the defibrillator market over the forecast period?
- What are the global challenges, threats, and risks in the defibrillator market?
- Which factors are propelling and restraining the defibrillator market?
- What are the demand in global regions of the defibrillator market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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